Naira Appreciates to N386/$1 at I&E Market

By Adedapo Adesanya

The Naira appreciated by 50 kobo or 0.13 percent at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Tuesday, June 16 as the domestic currency was sold for N386/$1 in contrast to N386.50/$1 it was sold previously.

This happened amid a slight increase in the demand for forex at the segment. According to the FMDQ Securities Exchange, transactions valued at $15.31 million were carried out at the investors’ window yesterday in contrast to $14.27 million exchanged at the previous session, indicating a rise by 7.3 percent or $1.04 million.

However, at the parallel market, the Naira dropped N2 against the Dollar to sell at at N452/$1 at the close of business compared to N450/$1 it sold previously.

Likewise, against the pound, the Naira fell by N3 to close at N553/£1 compared with N550/£1 of the previous day and lost N5 on the Euro to close at N490/€1 as against N485/€1 on Monday.

At the Bureaux De Change (BDC) segment of the market yesterday, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency shed 50 kobo against the American currency in Lagos to sell at N450/$1 versus N449.50/$1 it previously sold.

However, against the Pound and the Euro, the Naira closed flat at N548/£1 and N490/€1 respectively.

At the Abuja BDCs market, the Naira also lost 50 kobo against the dollar to settle at N448.50/$1 compared to N448/$1 of the preceding session, while against the Pound Sterling, it lost N8 to close at N558/£1 versus N550/£1 and remained unchanged against the Euro at N482/€1.

At the Port Harcourt BDC market, the Naira closed flat for the day against the Dollar at N448/$1. It, however, gained N6 on the Pound to close at N546/£1 versus N550/£1, and retained the previous day’s rate against Euro to close at N490/€1.

In Kano, the local currency gained N1 on the Dollar to sell for N447/$1 in contrast to N448/$1 it sold on Monday and gained N10 on the Pound to sell for N540/£1 compared to N550/£1, but lost N8 against the Euro to sell at N490/€1 as against the previous rate of N482/€1.

At the interbank window of the forex market, the Central Bank of Nigeria (CBN) sold the greenback to commercial banks at N361/$1 on Tuesday.